INDB reports Q3 2024 net income $42.9M, EPS $1.01; NPLs rise to $104.2M on office loan

INDEPENDENT BANK CORP

2024-Q3 EPS reported $3.34

Q3 2024 net income $42.9M, diluted EPS $1.01; net interest margin improved 4 bps to 3.29%.
Tangible book value per share rose $1.38 to $46.57; wealth AUA hit record $7.2B.
Nonperforming loans surged to $104.2M (0.73% of loans) from $57.5M, driven by one office loan.
Provision for credit losses $19.5M (up from $4.3M in Q2); allowance/loans 1.14%.
Average deposits grew $330M (8.7% annualized); deposit cost 1.74% (up 9 bps).

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